Guideline Value for Madhavaram Redhills Road

Madhavaram Redhills Road guideline value

The current guideline value of Madhavaram Redhills Road in Grandlyon village is Rs 880 per sq.ft, effective from 1 July 2024. This area falls under the Redhills SRO and is classified as Residential Special Type - I.

How the guideline value of Madhavaram Redhills Road has changed

The guideline value has undergone several revisions over the years. In 2007, the value was set at Rs 600 per sq.ft, which increased to Rs 800 per sq.ft in 2012. However, it decreased to Rs 536 per sq.ft in 2017. The subsequent revision in 2023 saw a significant increase to Rs 800 per sq.ft, followed by the latest revision in 2024, which raised it to Rs 880 per sq.ft. The register has no figures for the years 2002 and 2003 for this street.

From 2017 to 2023, the guideline value increased by 49%. The change from 2023 to 2024 was a further increase of 10%. Overall, from 2007 to 2024, the guideline value has risen by 47%.

Guideline values in Grandlyon

In Grandlyon, there are 82 streets under the Redhills SRO with a 2024 guideline value ranging from Rs 440 to Rs 1,500 per sq.ft. The median value is Rs 660 per sq.ft, placing Madhavaram Redhills Road's 2024 figure above this median.

• Mahalakshmi Nagar: Rs 440 per sq.ft (2024)
• Maharaja Nagar: Rs 880 per sq.ft (2024)
• Manonmani Street: Rs 660 per sq.ft (2024)
• M.C. Devaraj Nagar: Rs 880 per sq.ft (2024)
• Krishna Nagar-II: Rs 660 per sq.ft (2024)
• Krishna Nagar Annex II: Rs 660 per sq.ft (2024)

Stamp duty and registration fee for property in Madhavaram Redhills Road

For a 1,000 sq.ft plot at the current guideline value of Rs 880 per sq.ft, the total guideline value amounts to Rs 8,80,000. The stamp duty at 7% would be Rs 61,600, and the registration fee at 2% would be Rs 17,600, totaling Rs 79,200. Duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Madhavaram Redhills Road?

The Madhavaram Redhills Road falls under the jurisdiction of the Redhills Sub Registrar Office. The office is located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Grandlyon

The guideline value is crucial during property transactions as it determines the stamp duty and registration fees payable at the time of registration. Buyers and sellers must be aware of the current guideline value to ensure compliance with legal requirements and to avoid any penalties.

When a property is sold, the guideline value serves as a benchmark for calculating the applicable duties. It is essential for both buyers and sellers to understand that the stamp duty is charged based on the higher of the guideline value or the sale price.

Frequently asked questions

What is the current guideline value of Madhavaram Redhills Road?

The current guideline value of Madhavaram Redhills Road is Rs 880 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 600 per sq.ft in 2007 to Rs 880 per sq.ft in 2024, with various revisions in between, including a decrease to Rs 536 per sq.ft in 2017.

What is the registration office for Madhavaram Redhills Road?

The registration office for Madhavaram Redhills Road is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

How is the stamp duty calculated for properties in this area?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 8,80,000, the stamp duty would be Rs 61,600.

What is the land classification for Madhavaram Redhills Road?

The land classification for Madhavaram Redhills Road is Residential Special Type - I, which indicates the type of development permitted in this area.